Spnotes Summary

Summary

What does the term "the spirit of capitalism" mean? This term can only be applied to something

that is "a complex of elements associated in historical reality which we unite into a conceptual

whole from the standpoint of their cultural significance." The final concept can only come out at

the end of an investigation into its nature. There are many ways to conceptualize the spirit of

capitalism. We must work out the best formulation based on what about that spirit interests us;

this, however, is not the only possible point of view.

To come up with a formulation, Weber presents a long excerpt from the writings of Benjamin

Franklin. He says that Franklin's attitudes illustrate capitalism's ethos. Franklin writes that time is

money, that credit is money, and that money can beget money. He encourages people to pay all

of their debts on time, because it encourages the confidence of others. He also encourages

people to present themselves as industrious and trustworthy at all times. Weber says that this

"philosophy of avarice" sees increasing capital as an end in itself. It is an ethic, and the

individual is seen as having a duty to prosper. This is the spirit of modern capitalism. While

capitalism existed in places like China and India, and in the Middle Ages, it did not have this

spirit.

All of Franklin's moral beliefs relate to their usefulness in promoting profit. They are virtues for

this reason, and Franklin does not object to substitutes for these virtues that accomplish the

same ends. However, this is not simply egocentrism. The capitalist ethic does not embrace a

hedonistic life-style. Earning more and more money is seen completely as an end in itself, and

is not simply the means for purchasing other goods. This seemingly irrational attitude towards

money is a leading principle of capitalism, and it expresses a type of feeling closely associated

with certain religious ideas. Earning money reflects virtue and proficiency in a calling....